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How The Significance Of Risk Changes Through The Phases Of An Oil Field Development_x000D_
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Question 1: The following question concerns the roles of the various organisations involved in the oil & gas industry and the relationships between them._x000D_
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Describe the key features and the advantages and disadvantages of the following types of commercial relationships between an oil company operating a field and a Tier 1 contractor running an oil field (as a contract operator) on behalf of the Operator_x000D_
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Conventional list price plus an incentivisation bonus_x000D_
Gainshare based on a target operating cost for the year_x000D_
“At cost†pricing for day to day operations plus the contractor has a 10% equity stake in the field_x000D_
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Question 2: The following questions concerns petroleum economics & taxation regimes, legal arrangements & licencing regimes. _x000D_
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Indicate the type of licencing regime (e.g. Concession, PSA, JV) you think is most appropriate for a government of a country to adopt for a newly developing oil & gas industry and why you think this._x000D_
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Question 3: The following question concerns the risks faced by the industry and means of identifying and managing them._x000D_
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An oil company faces five broad categories of risk through the life of an oil or gas field development – Technical, Economic, Commercial, Organisational, Political (the TECOP framework)._x000D_
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Discuss how the significance of each risk changes through the exploration, development and production phases of an oil field development_x000D_
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Question 4: The following question concerns future oil and gas sources and climate change issues._x000D_
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Various carbon budgets have been calculated, indicating the number of years that it might take at present rates of emissions to reach 1.5°C, 2.0°C and 3.0°C. Describe and discuss the major contributors to mankind’s annual carbon emissions, and describe the changes that will have to be made to enable mankind to stay within the 2.0°C carbon budget_x000D_
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Question 5: The following question concerns the planning and execution of oil and gas field decommissioning._x000D_
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Outline the steps to be taken by an oil & gas operator (from 5 years before production ceases until commencement of the work to meet the requirements for approval from the UK regulator to proceed with a programme for decommissioning an oil & gas field.